The failure of an industrial loan company to open and operate a branch office within six months after the commissioner has issued an order approving the application for a branch office shall automatically terminate the right of the industrial loan company to open the branch office. However, the commissioner may for good cause on written application made before the expiration of the six monthsâ period, extend for additional periods, not in excess of six months each, the time within which the branch office may be opened.
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